Winco purchases a new office furniture for $3000 on 3/1/2019. The MACRS depreciation for 2019 assuming no Section 179 or bonus depreciation is. Answer: John owns the following assets. All of them capital assets except: Select one: a. John's personal residence. b. Land held as an investment c. John's textbook for Accounting 508. O d. An apartment building with 100 tenants that he owns and manages. e. A car he inherited from his mother. Boston, a single taxpayer, had a loss of $50,000 from a rental real estate activity in which he actively participated. He also had $27,000 of income from another rental real estate activity in which he actively participated. He acquired both investments in the current year. If Boston has no other passive income or losses and has adjusted gross income of $95,000 before considering passive activities, how much net loss from rental activities can he use to offset his nonpassive income? Put minus sign in answer. Answer: Jillian knits blouses as a hobby and occasionally sells them. In the current year, she earns $1,000 from her sales and incurs expenses of $1,600. On her tax return, she should Select one: a. $0 income and $0 expense b. report $1,000 of hobby income and no expenses. C. Report a net loss on $600 on Schedule C. d. report $1,000 of hobby income and deduct $1,600 of hobby expenses from AGI. John is in the 35 percent bracket. He holds the following assets for more than one year, which gain will be taxed at the highest rate at the time of sale? Select one: a. Gain from a coin collection. b. Gain attributable to tax depreciation taken on real property. c. Gain from investment land. d. Gain attributable to depreciation on the sale of equipment used in his business. e. Gain from personal-use property